UBS AG Raises Lumentum Holdings Inc. (NASDAQ:LITE) Price Target to $70.00
Lumentum Holdings Inc. (NASDAQ:LITE) had its target price hoisted by research analysts at UBS AG from $66.00 to $70.00 in a research note issued on Wednesday, The Fly reports. UBS AG’s price target would indicate a potential upside of 18.14% from the company’s current price.
A number of other research analysts have also recently commented on LITE. Zacks Investment Research cut shares of Lumentum Holdings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 12th. Raymond James Financial, Inc. restated a “buy” rating on shares of Lumentum Holdings in a research note on Tuesday, April 25th. Northland Securities cut shares of Lumentum Holdings from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 4th. Jefferies Group LLC restated a “buy” rating and set a $62.00 price target on shares of Lumentum Holdings in a research note on Friday, May 5th. Finally, B. Riley reaffirmed a “buy” rating and set a $58.00 price objective on shares of Lumentum Holdings in a report on Friday, May 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $60.33.
Lumentum Holdings (NASDAQ LITE) traded down 1.43% on Wednesday, hitting $58.40. The company had a trading volume of 5,031,479 shares. The stock’s market cap is $3.57 billion. Lumentum Holdings has a 12-month low of $30.17 and a 12-month high of $68.63. The firm’s 50 day moving average price is $61.76 and its 200 day moving average price is $51.93.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million for the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The firm’s revenue was down 7.9% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. Equities analysts predict that Lumentum Holdings will post $1.90 earnings per share for the current fiscal year.
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In other Lumentum Holdings news, COO Vincent Retort sold 2,029 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.26, for a total transaction of $110,093.54. Following the sale, the chief operating officer now directly owns 68,448 shares of the company’s stock, valued at approximately $3,713,988.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alan S. Lowe sold 5,954 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $54.29, for a total transaction of $323,242.66. Following the sale, the chief executive officer now directly owns 153,439 shares in the company, valued at $8,330,203.31. The disclosure for this sale can be found here. Insiders sold a total of 11,813 shares of company stock worth $648,776 over the last ninety days. 0.76% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in LITE. State of Alaska Department of Revenue raised its stake in shares of Lumentum Holdings by 3.9% in the first quarter. State of Alaska Department of Revenue now owns 6,150 shares of the technology company’s stock worth $328,000 after buying an additional 230 shares during the last quarter. Myriad Asset Management Ltd. acquired a new stake in shares of Lumentum Holdings during the first quarter worth $8,853,000. Great West Life Assurance Co. Can raised its stake in shares of Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock worth $4,055,000 after buying an additional 5,507 shares during the last quarter. Lebenthal Lisanti Capital Growth LLC raised its stake in shares of Lumentum Holdings by 195.4% in the second quarter. Lebenthal Lisanti Capital Growth LLC now owns 36,345 shares of the technology company’s stock worth $2,073,000 after buying an additional 24,040 shares during the last quarter. Finally, SpiderRock Advisors LLC raised its stake in shares of Lumentum Holdings by 325.2% in the second quarter. SpiderRock Advisors LLC now owns 5,428 shares of the technology company’s stock worth $311,000 after buying an additional 7,838 shares during the last quarter. Institutional investors own 95.06% of the company’s stock.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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